04 cvavlier...
I have no cat, and have been staring at the CEL for the code...
Just bought a wideband o2 from AEM and was wondering What i'll effects i will see if I were to unplug the rear o2 all together...
Would it cause the computer to freak and dump fuel?
Limp mode?
I would be easier than welding in a bung...
Hell I guess I could leave it plugged in and let it sniff normal air under the car...
What would you guys suggest...

use HPT and turn off that CEL.
I'd go with the bung-mod if the car sees emissions-testing. They don't seem to even look for the catalytic-converter anymore with the "Plug-in & read" method used with OBD-II equipped cars. But they can see if it's disabled, IIRC.
Go beyond the "bolt-on".
You will not get any ill affects. There is ways to get the code to go away. Look up $5 O2 sim. This would require you to put another bung in for the wideband.
FU Tuning